UUUUULL... HERITAGE FURNITURE LIMITED Trial Balance February 28, 2019 Debit 65,000 350.000 29,000 1,550,000 35,000 450,000 750,500 50.000 Cash Accounts receivable Inventory Supplies Prepaid rent Equipment Accumulated amortization equipment Accounts payable Unearned revenue Bank loan (all due June 30, 2021) Owners capital Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Advertising expense Freight out Interest expense Supplies expense Rent expense Salaries expense Travel expense Utilities expense Income tax expense 5,479,400 107,000 65,000 843,900 75,000 180,000 26,000 360,000 55,000 12,500 20,000 27,000 150,000 111 8.293.900 $8.293.900 The company uses a perpetual inventory system. Transactions that occurred during the month of March: Mar. 1 Received $125,000 on account from a major customer. Paid an invoice totalling $200,000, but taking the full discount, terms 2/10, n/30. Purchased inventory from a supplier, $300,000, terms 2/10, n/30, FOB destination. Recorded cash sales, $285,000. The cost of the goods sold for these sales was $200,000. Returned scratched inventory to the supplier from the March 5 purchase, $25,000. The appropriate company paid freight for the March 5 purchase, $7,500. Sold inventory for $200,000 on account with terms of 2/10, n/30, FOB destination. The cost of goods sold was $140,000. The appropriate company paid freight for the March 9 sale, $5,000. Placed an order for custom inventory for a local designer totaling $50,000 (but nothing has been received yet). Collected $12,500 as a deposit from the designer. Accepted returned inventory from the sale on March 9, $20,000. The cost of the goods returned to inventory was $14,000. Paid for the inventory purchased on March 5, net of any returns. Paid salaries of $45,000 Received payment of inventory sold on March 9, net of any returns. Recorded cash sales, $255,000. The cost of goods sold for these sales was $179,000. Paid salaries of $50,000. Paid March rent, $5,000. 30 Adjusting journal entries required as at March 31, 2019: a) Accrue utilities, $10,000 b) Accrue salaries, $10,000 c) Accrue interest on bank loan, $9,000 d) Record depreciation on equipment, which has an expected useful life of 10 years. The company uses the straight-line amortization method. e) Prepaid rent expired, $550 f). Supplies on hand, $5,000 g) Accrue interest revenue, $2,000 h) Returned the deposit to the local designer that was received on March 12. ject - Heritage Furniture[800].pdf - Adobe Acrobat Reader DC Window Help ols F19 - Group Project... * F19 - Group Project.! is een Requirements: 1) Prepare T accounts and enter opening balances 2) Record and post the March transactions for Heritage Furniture's Books 3) Prepare an unadjusted trial balance as at March 31, 2019 Record and post adjusting journal entries for the year ended March 31, 2019, assuming adjusting entries are made annually! 5) Prepare an adjusted trial balance as at March 31, 2019. 6) Prepare a multi-step income statement, statement of owners' equity and balance sheet for the year ended March 31, 2019. ** Note: all accounts must be shown on the financial statements. 7) Prepare and post the closing entries 8) Prepare a post-closing trial balance as at March 31, 2019. at and Professional Presentation UUUUULL... HERITAGE FURNITURE LIMITED Trial Balance February 28, 2019 Debit 65,000 350.000 29,000 1,550,000 35,000 450,000 750,500 50.000 Cash Accounts receivable Inventory Supplies Prepaid rent Equipment Accumulated amortization equipment Accounts payable Unearned revenue Bank loan (all due June 30, 2021) Owners capital Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Advertising expense Freight out Interest expense Supplies expense Rent expense Salaries expense Travel expense Utilities expense Income tax expense 5,479,400 107,000 65,000 843,900 75,000 180,000 26,000 360,000 55,000 12,500 20,000 27,000 150,000 111 8.293.900 $8.293.900 The company uses a perpetual inventory system. Transactions that occurred during the month of March: Mar. 1 Received $125,000 on account from a major customer. Paid an invoice totalling $200,000, but taking the full discount, terms 2/10, n/30. Purchased inventory from a supplier, $300,000, terms 2/10, n/30, FOB destination. Recorded cash sales, $285,000. The cost of the goods sold for these sales was $200,000. Returned scratched inventory to the supplier from the March 5 purchase, $25,000. The appropriate company paid freight for the March 5 purchase, $7,500. Sold inventory for $200,000 on account with terms of 2/10, n/30, FOB destination. The cost of goods sold was $140,000. The appropriate company paid freight for the March 9 sale, $5,000. Placed an order for custom inventory for a local designer totaling $50,000 (but nothing has been received yet). Collected $12,500 as a deposit from the designer. Accepted returned inventory from the sale on March 9, $20,000. The cost of the goods returned to inventory was $14,000. Paid for the inventory purchased on March 5, net of any returns. Paid salaries of $45,000 Received payment of inventory sold on March 9, net of any returns. Recorded cash sales, $255,000. The cost of goods sold for these sales was $179,000. Paid salaries of $50,000. Paid March rent, $5,000. 30 Adjusting journal entries required as at March 31, 2019: a) Accrue utilities, $10,000 b) Accrue salaries, $10,000 c) Accrue interest on bank loan, $9,000 d) Record depreciation on equipment, which has an expected useful life of 10 years. The company uses the straight-line amortization method. e) Prepaid rent expired, $550 f). Supplies on hand, $5,000 g) Accrue interest revenue, $2,000 h) Returned the deposit to the local designer that was received on March 12. ject - Heritage Furniture[800].pdf - Adobe Acrobat Reader DC Window Help ols F19 - Group Project... * F19 - Group Project.! is een Requirements: 1) Prepare T accounts and enter opening balances 2) Record and post the March transactions for Heritage Furniture's Books 3) Prepare an unadjusted trial balance as at March 31, 2019 Record and post adjusting journal entries for the year ended March 31, 2019, assuming adjusting entries are made annually! 5) Prepare an adjusted trial balance as at March 31, 2019. 6) Prepare a multi-step income statement, statement of owners' equity and balance sheet for the year ended March 31, 2019. ** Note: all accounts must be shown on the financial statements. 7) Prepare and post the closing entries 8) Prepare a post-closing trial balance as at March 31, 2019. at and Professional Presentation